REG - Watches of Switzlnd. - Response to acquisition of Rolex SA of Bucherer SA

Watches of SwitzerlandAnnouncement

25/08/2023 07:45

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RNS Number : 4550K  Watches of Switzerland Group PLC  25 August 2023

25 August 2023

Watches of Switzerland Group PLC

 

The Watches of Switzerland notes the announcement of the acquisition of Rolex
SA of Bucherer SA and comments as follows:

 

Bucherer is a long-standing retail partner of Rolex, one of the largest
globally (alongside The Watches of Switzerland Group) and the major retailer
in the important Swiss market.  Mr Jorg G Bucherer is 86 years old and is the
grandson of the founder Carl F Bucherer.  The co-operation and partnership
between Hans Wilsdorf, the founder of Rolex and Carl F Bucherer is chronicled
in the official Rolex history (from 1924).

 

Mr Bucherer has no family succession and his wishes are to form a legacy
foundation with the proceeds of this transaction.

 

·     This is not a strategic move into retail by Rolex.  This is the
best-judged reaction to the succession challenges of Bucherer SA.

·     There will be no operational involvement by Rolex in the Bucherer
business.

·     Rolex will appoint non-executive Board members.

·    There will be no change in the Rolex processes of product allocation
or distribution developments as a consequence of this acquisition.

 

All of the above is reviewed and confirmed by the highest level of Rolex
management at Rolex HQ in Geneve and locally in the UK and US.

 

Contacts

The Watches of Switzerland Group

Anders Romberg, CFO
 
              +44 (0) 207 317 4600

Caroline Browne, Group Finance Director
 
     +44 (0) 1162 817 420

investor.relations@thewosgroup.com (mailto:investor.relations@thewosgroup.com)

 

Headland

Lucy Legh / Rob Walker / Joanna
Clark
                                +44 (0) 20 3805
4822

wos@headlandconsultancy.com (mailto:wos@headlandconsultancy.com)

 
About the Watches of Switzerland Group

The Watches of Switzerland Group is the UK's largest luxury watch retailer,
operating in the UK, US and Europe comprising five prestigious brands; Watches
of Switzerland (UK and US), Mappin & Webb (UK), Goldsmiths (UK), Mayors
(US) and Betteridge (US), with a complementary jewellery offering.

 

As at 30 July 2023, the Watches of Switzerland Group had 202 showrooms across
the UK, US and Europe including 87 dedicated mono-brand boutiques in
partnership with Rolex, OMEGA, TAG Heuer, Breitling, TUDOR, Audemars Piguet,
Grand Seiko, BVLGARI and FOPE and has a leading presence in Heathrow Airport
with representation in Terminals 2, 3, 4 and 5 as well as seven retail
websites.

 

The Watches of Switzerland Group is proud to be the UK's largest retailer for
Rolex, OMEGA, Cartier, TAG Heuer and Breitling watches.

www.thewosgroupplc.com (http://www.thewosgroupplc.com)

 

Disclaimer
 

This announcement has been prepared by Watches of Switzerland Group PLC (the
'Company'). It includes statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements can be
identified by the use of forward-looking terminology, including the terms
"believes", "estimates", "anticipates", "expects", "intends", "plans", "goal",
"target", "aim", "may", "will", "would", "could" or "should" or, in each case,
their negative or other variations or comparable terminology. They appear in a
number of places throughout this announcement and the information incorporated
by reference into this announcement and may include statements regarding the
intentions, beliefs or current expectations of the Company Directors or the
Group concerning, amongst other things: (i) future capital expenditures,
expenses, revenues, earnings, synergies, economic performance, indebtedness,
financial condition, dividend policy and future prospects; (ii) business and
management strategies, the expansion and growth of the Group's business
operations; and (iii) the effects of government regulation and industry
changes on the business of the Company or the Group.

By their nature, forward-looking statements involve risks and uncertainties
because they relate to events and depend on circumstances that may or may not
occur in the future and may be beyond the Company's ability to control or
predict. Forward-looking statements are not guarantees of future performance.
The Group's actual results of operations, financial condition, liquidity, and
the development of the industry in which it operates may differ materially
from the impression created by the forward-looking statements contained in
this announcement and/or the information incorporated by reference into this
presentation.

Any forward-looking statements made by or on behalf of the Company or the
Group speak only as of the date they are made and are based upon the knowledge
and information available to the Directors on the date of this announcement,
and are subject to risks relating to future events, other risks, uncertainties
and assumptions relating to the Company's operations and growth strategy, and
a number of factors that could cause actual results and developments to differ
materially from those expressed or implied by the forward-looking statements.
Undue reliance should not be placed on any forward-looking statements.

Before making any investment decision in relation to the Company you should
specifically consider the factors identified in this document, in addition to
the risk factors that may affect the Company or the Group's operations as
detailed above.

 

 

 

 

 

 

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